An article in Yes! magazine’s summer issue presents local currencies as a way to limit the effects of the recession by stimulating local economies. Local currencies such as the Chiemgauer in Germany or BerkShares in Massachussetts force cash to be spent in local businesses, thereby maximizing the use of profits and reconnecting citizens with their community.
The entire issue is devoted to the new economy, showing examples of how to give the control of our global economy back to citizens, from local banks to worker co-ops. Quite interesting…
One Comment
Jct: Best of all, when the local currency is pegged to the Time Standard of Money (how many dollars/hour child labor) Hours earned locally can be intertraded with other timebanks globally! In 1999, I paid for 39/40 nights in Europe with an IOU for a night back in Canada worth 5 Hours.
U.N. Millennium Declaration UNILETS Resolution C6 to governments is for a time-based currency to restructure the global financial architecture.
See my banking systems engineering analysis at http://youtube.com/kingofthepaupers